12th June 2023 > > Operation ChokePoint 2.0.

tl;dr

The EU and Hong Kong look set to grab all those crypto tax dollars being discarded by the US.

Market Snap

Market Wrap

An overnight attempt to stay above $26k was rebuffed once more. I find it cheering that the price of BTC is showing resilience during these days following the unprecedented attacks on Binance and Coinbase. I suspect we should be due some good news soon, after what feels like a constant barrage of bad stuff coming our way.

Occasional Series – UEFA Champions (sic) League

Jon Snow once notably reported at a pro-Brexit demonstration that the participants were “overwhelmingly white”. I think we all understood what he was implying.

I assume he has retired as there appears to be no mention on the BBC’s or Guardian’s website of the entirely white population of activists for Extinction Rebellion and Just Stop Oil, most of whom are called Henrietta or Tobias.

I am sure it is a coincidence that Abu Dhabi is one of the most racist countries in the world and that Manchester City has the least diverse first team in the Premiership. Until Luton Town beat them on that statistic next season.

Curious Cryptos’ Commentary – Peter Schiff

“We’ll likely trade below $10,000 before the year ends. They’ll (Bitcoiners) probably buy the dip again. However, in the following year, we may see it drop to $5,000 or even $1,000”.

His argument for this rather startling prediction?

That the US government will continue to debase the dollar in the face of an unprecedented financial crisis brought on by the fiscal incontinence of the US government whichever party is in power.

I agree with his argument – and it applies equally to the UK – but I fundamentally disagree with his conclusion for what it means for an alternative system outside of government control. A system of storing value whilst facilitating extraordinary improvements in the effectiveness and efficiency of current real-world activities.

But you would expect me to say that.

Curious Cryptos’ Commentary – Operation ChokePoint 2.0 goes global

Binance will no longer accept GBP, EUR, or USD deposits from my UK bank account.

Coinbase appears to have disabled depositing GBP though if I use the same details as I have always done then deposits from my online banking app do appear in my Coinbase account. Coinbase still allows for direct purchases of cryptos using your debit card, but these come with higher costs.

Should crypto enthusiasts be worried?

There are plenty of other fiat on/off ramps though this seemingly deliberate campaign to restrict access to two of the most popular means of buying cryptos does make it trickier. Roll on the implementation of MiCA (Markets in Crypto Assets) to make all our lives easier.

Curious Cryptos’ Commentary – Hong Kong

Hong Kong is doubling down on its ambitions to become a powerhouse for the crypto industry (https://www.curiouscryptos.com/post/24th-may-2023-hong-kong).

Legislative Council member Johnny Ng has responded to the US clampdown on Binance and Coinbase:

“I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance.”

The race is on for crypto tax dollars currently led by the EU and Hong Kong/China.